LIGA Newsletter from 11/22/2016. Anyone can sign up to receive the newsletters: You are receiving this LIG Assets, Inc. newsletter update because you have agreed to be alerted of developments by LIGA.
This morning, Tuesday, November 22, 2016, LIG Assets, Inc. (also known as the “Leader in Green Assets”) issued a very important press release. The Company successfully settled a debt that, in essence, allows it to begin business ventures with a fresh start. It was necessary that LIGA could develop its new business model without the threat or overhang of this large, aged debt.
The settlement for an amount less than 25% of the outstanding total is considered a monumental positive development by the Company. Even better, not one share of any class of stock was issued or is expected to be issued in connection with the settlement. It is also noted that previous management agreed to pay over 50% of the settlement thus allowing this resolution to occur. Additionally, LIGA has six months before it is required to make any further payments of its portion of the settled amount.
Management remains dedicated to keep its authorized unchanged and plans to refrain from consideration of a reverse split for at least three years or unless the stock trades over .10 per share. At that price, it would represent a premium of over 14,000% from yesterday’s closing price of .0007 per share.
We would like to thank those that attended the LIGA Sustainability Conference recently held at the Nashville Entrepreneur Center on November 14. Many of LIGA’s planned strategic partners spoke at the event. The Company has been working hard for the past nine months to identify strategic building partners, properties, brokers, and more so that it could hit the ground running once today’s settlement was formalized. Now, LIGA can move forward aggressively on its plans.
A new Company website can now be found at www.LeaderInGreenAssets.com. We have plans to post new video and audio content next week on the site. In the meantime, thank you for your interest in LIGA.
LIG Assets, Inc. Agrees to Settlement that Significantly Reduces Debt with No Dilution to Shareholders
DALLAS, TX--(Marketwired - Nov 22, 2016) - LIG Assets, Inc. ( OTC PINK : LIGA ) (also known as the "Leader in Green Assets" or "LIGA"), focused on residential and commercial real estate acquisition and development, today announced that it has entered into an agreement with TCA Global Credit Master Fund ("TCA Global") to settle the significant majority of the company's current outstanding debt.
The settlement agreement reduces the outstanding debt to TCA Global by approximately 75% and essentially allows LIG Assets to begin its new business ventures with a fresh start and build assets from this point unencumbered by liens or the potential of ever-increasing debt owed to this lender. Additionally, LIGA shareholders are expected to see no dilution through this settlement.
Terms of the settlement allow LIGA to engage in revenue generating activity for almost 6 months before commencement of monthly payments to pay off the settlement amount. Payments to TCA Global are anticipated to be generated from multiple new business ventures and revenue streams.
Over three years ago, previous LIG Assets management borrowed $500,000 from TCA Global. The debt subsequently accrued interest and penalties that ballooned to over $1 million. It is noted that TCA Global did receive some payments against the original loan.
TCA Global was by far LIG Assets, Inc.'s largest creditor, and all other creditors or claims against LIG Assets have been settled, are in the process of being settled, or management believes can be settled amicably.
Aric Simons, Chief Legal Counsel for LIG Assets, was instrumental in negotiation of the amicable settlement with TCA Global and their representation. Mr. Simons stated, "We are pleased to come to an agreement that benefits all parties, and appreciate everyone related to TCA Global for working with us on a fair settlement."
Previous management of LIG Assets, Inc. will be responsible for paying over half of the reduced negotiated settlement over a two-year time frame. Again, no dilution to LIGA stock occurred or is expected to occur from this Settlement Agreement, and no payment in cash or stock was made to previous management for this commitment. As long as LIG Assets abides by the terms of the agreement, it owes TCA Global only a remaining $220,000 over the next two years for its portion of the settlement.
LIGA President Charles Gambino added, "This settlement is a win-win for all parties, in particular the shareholders of LIG Assets. Now, we can focus on the incredible opportunities presented at the recent Sustainability Impact Conference hosted by LIGA at The Nashville Entrepreneur Center in downtown Nashville."
About LIG Assets, Inc.
LIG Assets, Inc., which trades on the over-the-counter market under the ticker symbol "LIGA," is focused on residential and commercial real estate acquisition and development as well as expansion into other sectors via potential acquisitions, mergers and joint venture partnerships. To receive updates directly from the company when material is disclosed, please visit www.LeaderInGreenAssets.com and subscribe to our investor newsletter.
Forward-Looking Statements
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com.
